Chicago Mortgage And Real Estate Guide

Chicago Mortgage Real Estate Guide

In terms of population only New York City and Los Angeles have more citizens in the United States than Chicago, IL. There are over 2.5 million people just in Chicago and the metro area claims over 9 million citizens.

Population and Number of Homes

With over 2,500,000 people in Chicago per the 2010 census there are well over 1,000,000 housing units in the area.

Due to the city’s popularity, the area has become home to a wide range of cultures. Here are just a few examples of some the different groups residing in the Chicago area that have at least 10,000 people

  • German
  • Polish
  • Irish
  • Russian
  • Italian
  • Greek
  • Swedish
  • Arab

Local Economy

Thanks to a diversity of industries the city of Chicago is renowned for having a well-balanced economy. Between the years 2001 and 2008 Chicago had more new and/or expanded corporations than any other place in all of America.

Chicago is home to the 2nd largest financial district, falling behind Wall Street of New York. Several future exchanges call Chicago home such as the Chicago Mercantile Exchange, commonly known as MERC and the Chicago Board Options Exchange

The 4+ million available employees in Chicago make up the 3rd biggest labor pool within the USA. 12 companies listed on the Fortune Global 500 are located in Chicago.

The people specializing in engineering and science are another large factor in the overall employment numbers. Only 2 other places in America employ more scientists and engineers.

Average Weather

The weather in Chicago covers a wide spectrum throughout the year. In the winter months temperatures hover around the freezing point with frequent snow. During the summer temps can get as a high as 90, usually in mid-July. Autumn as well as spring are both mild and beautiful.

Universities, Colleges and Junior Colleges

Chicago has long been known as an area steeped in research and education. Some of the top universities located within Chicago are:

  • Northwestern University
  • Loyola University
  • University of Chicago
  • DePaul University
  • Illinois Institute of Technology

There are many other established colleges, universities, community colleges and junior colleges in the area as well.

Public School System

The public school system of Chicago is known as CPS (Chicago Public Schools). This organization oversees the students that attend the 600+ elementary, middle and high schools located across the metro area.

In addition to the public schools there are 10 high schools aimed at helping the advanced students. These schools have stricter admission requirements and limit the number of applicants that are approved each year.

Private Schools

Catholic schools are operated by the Roman Catholic Archdiocese of Chicago. It has been said that the Chicago network of Catholic schools is the largest private education network in the world.

There is also a network of schools operated by the Lutheran church in Chicago. Other faith based operations also operate various private schools around the area.

Important Stats for Level of Education

For the Chicago citizens over the age of 25, here are the major education stats

  • 81% graduated from high school
  • 34% earned a bachelor’s degree
  • 14% earned a professional or graduate degree

The unemployment rate is 13%

Airports

Chicago has 2 airports. Midway International is located on the southwest side of the city. O’Hare International is on the Northwest side of Chicago. O’Hare has gained the reputation as the number 2 busiest airport in the entire world.

Transportation Options

Chicago has 3 major public transportation outlets

  • CTA (Chicago Transit Authority) – responsible for the elevated train system (called the ‘L’ by locals) as well as bus routes inside the city of Chicago
  • Metra – a rail system for commuters traveling to Chicago from the suburbs
  • Pace – offers bus transportation in 200 suburbs around Chicago

Popular Restaurants and Other Hot Spots

Thanks to the range of cultures living and working in Chicago, the area has laid claim to many original foods.

The deep dish pizza reportedly was given birth at Pizzeria Uno

A thin-crust pizza known as Chicago-style also started in this area.

The Chicago hot dog is normally a Vienna beef frankfurter covered in yellow mustard, tomato wedges, pickled relish, and salted with celery salt.

The Italian beef sandwich is a Chicago invention. After being slowly simmered the beef is sliced extra thin, served on an Italian roll with toppings of sweet peppers.

Each year Grant Park hosts the Taste of Chicago which offers locals and tourists to try out the various flavors common to the city.

Major League Sports

For sport fans, Chicago is home to a wide range of professional teams. Here are the current teams that call Chicago home

  • Chicago Bulls – NBA basketball team
  • Chicago Bears – NFL football team
  • Chicago Cubs – MLB baseball team
  • Chicago White Sox – MLB baseball team
  • Chicago Blackhawks – NHL hockey team
  • Chicago Sky – WNBA basketball team

Why Choose us as Your Chicago Mortgage Lender?

Inlanta Mortgage has been a banker specializing in mortgage loans since we first opened our doors in 1993 in Brookfield, WI. With licensed offices in 16 states we have the staff and the experience to meet any home loan need.

Scotsman Guide named Inlanta Mortgage as a Top mortgage Lender for the year 2013 and Milwaukee Journal listed us as one of the Top Workplace for the years 2014 and 2015. For three years straight, from 2011 to 2013 Mortgage Executive Magazine listed Inlanta as part of the Top 100 Mortgage Companies in America as well as part of the 50 Best Companies to Work For. Besides these accolades we are proud that Scotsman Guide's #1 USDA Rural Development Loan Originator works for Inlanta and that this individual has reached the status of Platinum Million Dollar USDA Lender as noted by the USDA Rural Housing association.

How to Buy a Home in Chicago with Little or No Money Down

Of course you want to buy a home in Chicago with no down payment. Who doesn’t?

Here’s how you do it:

Many people never buy the home of their dreams simply because they don't think they have enough money for the down payment. They have been told through the years that they need 10% or 20% of the purchase price in order to buy a home. Well, this is true for the conventional/conforming loan programs but not for Chicago Government loans.

So why have so many Lenders told them this?

It’s because selling homes to people with 10% or 20% down is easier than selling homes to people who have little or no money for a down payment. Most mortgage loan officers would rather go after the "easy sale" than try to help people who would rather save the down payment money for a rainy day or for current and future repairs/upgrades.

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